Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the formation of the «Double Top» reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 71.21. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the American currency and potential continued growth. As part of the dollar exchange rate forecast for July 24, 2020, we should expect an attempt to develop growth and test the resistance level near the area of 71.75 rubles per US dollar. Then, the rebound and the continuation of the fall of the currency pair to the area below the level of 68.05.
USD/RUB Forecast Russian Ruble July 24, 2020
An additional signal in favor of the fall of the USD/RUB currency pair on July 24, 2020 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a breakdown of the lower border of the ascending channel. Cancellation of the option to drop the USD/RUB pair on Forex will be a strong growth and a breakdown of the level of 73.05. Rubles per Dollar. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Ruble pair to an area above the level of 75.75. Confirmation of the fall of the pair will be the breakdown of the support area and closing below 69.75, which will indicate the completion of the formation of the «Double Top» reversal pattern.
USD/RUB Forecast Russian Ruble July 24, 2020 implies an attempt to test the resistance level near the 71.75 area. Where can we expect a rebound and the continuation of the fall in the dollar against the ruble with a target below the level of 68.05. An additional signal in favor of reducing the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a breakdown of the resistance area and closing of quotations above the level of 73.05. In this case, we should expect a continuation of the rise to the level of 75.75.
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